US stock futures wobbled on Tuesday as investors weighed early reports on a marquee earnings day, with Big Tech results later in focus as potential fuel to sustain this year’s rally.
Futures on the S&P 500 (ES=F) and the tech-heavy Nasdaq 100 (NQ=F) floated around the flatline, coming off sharp closing gains for the gauges. Dow Jones Industrial Average futures (YM=F) were also little changed, but in the green.
Investors are assessing earnings from General Motors (GM) and Coca-Cola (KO) out the gate early in Tuesday’s stream of high-profile quarterly reports. The wait is on for Alphabet (GOOGL, GOOG) and Tesla (TSLA) results due after the bell, with the market watching for signs of continuing growth from the first pair of the “Magnificent Seven” behemoths.
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A resurgence in tech stocks helped the S&P 500 (^GSPC) and Nasdaq roar higher on Tuesday, a rebound from the sharp falls last week that came amid a rotation away from the megacaps that have fueled this year’s rally.
The renewed tech focus comes as volatility around the US presidential election ebbed over the past two days. Vice President Kamala Harris is projected to have secured delegate backing to become the Democratic presidential nominee, helping settle any remaining nerves over President Joe Biden’s withdrawal from the race.
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